The government has decided to block the export of strategic goods to Russia in order to participate in the international community's sanctions against Russia.
The Ministry of Foreign Affairs announced today (28th) that it is blocking the export of strategic goods to Russia by strengthening the government's review of export control permits.
In this regard, it was reported that the government plans to operate the strategic material export screening system in the future in a way that effectively disapproves the export of strategic material items stipulated in the so-called 'four major international export control systems' to Russia.
The four major multilateral export control regimes are the Nuclear Suppliers Group (NSG) related to nuclear materials, the Wassenaar regime related to conventional weapons, the Australian Group (AG) related to biological and chemical weapons, and the Missile Technology Control System related to missile technology.
Minister Chung Eui-yong said at the National Assembly Foreign Affairs and Unification Committee on the 25th, "As a member of the four major multilateral export systems, we will participate in export control of strategic goods to Russia."
Regarding 57 items, including semiconductors, information and communications, sensors, and lasers, which the US has designated as independent export control items, although they are non-strategic items, relevant ministries will review possible measures and confirm them as soon as possible, the Ministry of Foreign Affairs said.
The US applied offshore control (FDPR, foreign direct product rule) regulations, not strategic items, but domestic companies can be a direct target.
The fact that FDPR applies means that even if a product is manufactured in a third country, if it uses US technology and software, it must be licensed in the US before export to Russia.
Yeo Han-gu, head of the Ministry of Trade, Industry and Energy's trade negotiation headquarters, said that he would make efforts to secure exceptions to FDPR in an emergency meeting with specialized trading companies on the same day.
However, for this to happen, it is necessary for Korea to take export control measures at the same level as that of the United States on these items.
The government notified the US of the decision on the day related to export controls through diplomatic channels.
In addition, the Ministry of Foreign Affairs announced that the government will participate in the exclusion of the International Interbank Telecommunication Association (SWIFT) for Russia, and that specific measures will be decided through consultations between relevant ministries.
The United States, France, Germany, Italy, the United Kingdom and Canada announced additional sanctions on the 26th (local time) to exclude Russian banks from the SWIFT payment network.
SWIFT is a global messaging system for financial transactions that connects 11,000 banks in more than 200 countries to enable fast cross-border payments.
Financial institutions excluded from SWIFT will find it very difficult to make international payments.
In addition, the government has decided to promote the additional release of strategic oil reserves for stabilization of the international energy market and to further review other measures such as the resale of liquefied natural gas (LNG) to Europe.
(Photo = provided by the Ministry of Foreign Affairs, Yonhap News)